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Daiwa Securities fiscal Q1 profit drops 4.4% YOY

Daiwa Securities Group Inc. posted a year-over-year decline in profit for the quarter ended June 30, as financial expenses surged.

The group said profit attributable to owners of the parent for the fiscal first quarter fell to ¥18.53 billion, or ¥11.38 per share, from ¥19.40 billion, or ¥11.55 per share, in the prior-year quarter.

The company said commissions received grew to ¥73.81 billion from ¥69.75 billion. Net trading income rose to ¥26.61 billion from ¥24.07 billion. Net operating revenue increased to ¥115.61 billion from ¥108.54 billion, according to the company.

Meanwhile, Financial expenses surged to ¥50.56 billion from ¥39.57 billion. Total selling, general and administrative expenses also increased year over year, to ¥93.45 billion from ¥87.12 billion.

Operating income rose to ¥22.15 billion from ¥21.42 billion. Ordinary income inched up to ¥25.86 billion from ¥25.15 billion.

As of July 27, US$1 was equivalent to ¥ 111.02.